Theresa May calls for trade transition period after Brexit

UK Prime Minister Theresa May has said there should be a two-year transition period after Brexit, during which trade should continue on the current terms, and after which the UK and EU could move towards a new “deep and special partnership”.

"During the implementation period access to one another's markets should continue on current terms and Britain also should continue to take part in existing security measures," said May.

Such a period should be "time limited", she said, as neither the EU nor the British people would want the UK to remain in the EU longer than necessary.

May is currently in Florence where she delivered a key speech on the UK’s Brexit proposals where she suggested that EU migrant to the UK would still be able to live and work in the UK after registering with UK authorities.

Moreover, the UK is proposing to pay into the EU budget in addition to a “bold new security agreement”.

Describing the UK as the EU’s closest friend, May said that when it came to trade, both the UK and EU could do a lot better than the existing agreements, adding that there was “no need to impose tariffs where there are none now”.

Michel Barnier, the EU’s chief negotiator said the speech was a “constructive” one, adding that May had shown “willingness to move forward” with talks.